El Paso is a large city in western Texas that provides plenty of chances to find cheap real estate deals through foreclosures. When a lender forecloses due to the home owner’s delinquent mortgage payments, the lender files notice with the court clerk. Buyers can learn how to obtain these El Paso foreclosure notices. They can then use the notices to find El Paso foreclosures. The buyers can then bid on these foreclosed homes in El Paso at local foreclosure sales.
Step 1:
Find El Paso foreclosure listings online or at the county courthouse. This is a very simple process due to the Internet. Just go to El Paso County’s official website and visit the county clerk’s “Foreclosure Notices” page at Epcounty.com/foreclosures/. As the page states, the El Paso foreclosure notices will appear at least 21 days before the sale. This means that, for a few days after the monthly El Paso foreclosure auction, you might not see any foreclosure listings. Just wait a few days if the next round of foreclosed properties have not been listed.
Step 2:
Set aside time for the monthly auction. According to the court clerk, foreclosed homes in El Paso are auctioned off on the first Tuesday of each month. Be there well before 10 a.m., which is generally when the auctions start. You will not have an exact time, so you must set aside the whole day if you plan on bidding on an El Paso foreclosed property.
Step 3:
Look at each individual foreclosure notice to find specific foreclosed properties in the El Paso area. Of course, the listing will also provide the date, time and place of the foreclosure sale.
Step 4:
Determine which properties you would like to buy. It is best to at least drive by a foreclosure even though you have no right of inspection. You want to know about the condition of the property and neighborhood. Ideally, you want to know the approximate fair market value of El Paso foreclosures that you wish to purchase. This will allow you to set a maximum bid strategically set to get a good house deal.
Step 5:
Contact the lender’s trustee (see each listing) for payment terms. You then need to prepare cash, certified check or whatever amounts are necessary to pay for any El Paso properties you win at auction.
Step 6:
Go the El Paso County Courthouse on the day of the foreclosure sale and bid on the properties you want to buy. Finish the transaction by paying the trustee for any winning bids and getting a property deed to any El Paso foreclosed homes or land that you buy at auction.
Step 7:
File the deed with the El Paso County Court Clerk’s Office. As in all states, filing a deed is necessary when buying real estate to let the public know that you have an ownership interest in the El Paso foreclosure.
Sources:
El Paso County Foreclosure Notices
